Newsdesk, Author at Market Newsdesk

March 25, 2021 4:13 pm

ManifestSeven Announces Date of Fourth Quarter and Fiscal Year 2020 Earnings Release and Conference Call

PR Newswire

IRVINE, Calif., March 25, 2021 /PRNewswire/ — ManifestSeven Holdings Corporation (CSE: MSVN; OTCMKTS: MNFSF) (“M7” or the “Company“), California’s first integrated omnichannel platform for legal cannabis, is pleased to announce it will release its fourth quarter and fiscal year 2020 financial results for the period ended November 30, 2020 on Wednesday, March 31, 2021, at approximately 7:30 a.m. EST.

M7 will host a related conference call, accessible via telephone and the internet, on Wednesday, March 31, 2021, beginning at 11:00 a.m. EST to discuss the financial results and business outlook.

Sturges Karban, Chief Executive Officer, and Jordan Gerber, Chief Financial Officer, will review the Company’s fourth quarter and fiscal year 2020 financial results and conduct a question-and-answer session after the prepared remarks.

Conference Call Dial-In Numbers:

Toll-Free: 1-877-423-9813
Toll / International: 1-201-689-8573

The call will be available via webcast on M7’s investor page of the Company website at https://www.manifest7.com/investors/ or at this link. Please visit the website at least 15 minutes before the call to register, download, and install any necessary audio software. A replay of the call will be available on M7’s investor page after the conference call has ended.

About ManifestSeven Holdings Corporation

ManifestSeven Holdings Corporation

(CSE: MSVN; OTCMKTS: MNFSF) (“M7” or the “Company“) disrupts the California cannabis landscape by seamlessly integrating proprietary distribution, retail, and delivery operations into a unified statewide platform that supports compliant and efficient commerce, both for cannabis enterprises and consumers. M7 offers local on-demand delivery through a growing portfolio of delivery hubs and storefront dispensaries in the state’s major metropolitan markets through its direct-to-consumer division, Weden. Through its business-to-business division, Highlanders Distribution, the Company provides a comprehensive suite of commercial and compliant services to licensed cannabis cultivators, manufacturers, distributors, and retailers operating throughout California. M7’s 1-800-CANNABIS portal ties the Company’s integrated cannabis operations together with a centralized gateway through which businesses and consumers can access M7’s comprehensive suite of products and solutions. M7 is a publicly listed company on the Canadian Securities Exchange (“CSE“) trading under the ticker symbol “MSVN”. Additional information is available under the Company’s SEDAR profile at www.sedar.com.

For the latest news, activities, and media coverage, please visit www.manifest7.com. To receive Company updates and be added to the email distribution list, please sign up here, or connect with us on LinkedIn, Twitter, YouTube, or Telegram.

View original content:http://www.prnewswire.com/news-releases/manifestseven-announces-date-of-fourth-quarter-and-fiscal-year-2020-earnings-release-and-conference-call-301256341.html

SOURCE ManifestSeven

March 25, 2021 4:13 pm

Gridsum Holding Inc. Announces Completion of Merger

PR Newswire

BEIJING, March 25, 2021 /PRNewswire/ — Gridsum Holding Inc. (“Gridsum” or the “Company”) (NASDAQ: GSUM), a leading provider of cloud-based big-data analytics and artificial intelligence (“AI”) solutions in China, today announced the completion of the merger with Gridsum Growth Inc. (“Merger Sub”), a wholly-owned subsidiary of Gridsum Corporation (“Parent”), pursuant to the previously announced agreement and plan of merger, dated as of September 30, 2020 (the “Merger Agreement”), by the Company, Parent and Merger Sub. As a result of the merger, the Company became a wholly-owned subsidiary of Parent and will cease to be a publicly traded company.

Under the terms of the Merger Agreement, each of the Company’s ordinary shares, par value US$0.001 per share (each a “Share”) issued and outstanding immediately prior to the effective time of the merger, has been cancelled in exchange for the right to receive US$2.00 in cash per Share without interest, and, for the avoidance of doubt, each of the Company’s American depositary shares (each an “ADS”), each representing one Class B ordinary Share, issued and outstanding immediately prior to the effective time of the merger, has been cancelled in exchange for the right to receive US$2.00 in cash per ADS without interest (less $0.05 per ADS cancellation fees), in each case, net of any applicable withholding taxes, other than (a) Shares (including Shares represented by ADSs) owned by Parent, Merger Sub or the Company (as treasury, if any) or by any of their direct or indirect wholly-owned subsidiaries, (b) Shares (including Shares represented by ADSs), if any, reserved (but not yet allocated) by the Company for settlement upon exercise or vesting of any options (the “Options”) or restricted share units (the “Restricted Share Units”) of the Company issued under its share incentive plans, (c) Shares owned by shareholders who have validly exercised and have not effectively withdrawn or lost their dissenter rights under the Cayman Islands Companies Law, and (d) Shares (including Shares represented by ADSs), the Options and Restricted Share Units held by certain rollover shareholders (Shares described under (a) through (d) above are collectively referred to herein as the “Excluded Shares”).

Shareholders of record as of the effective time of the merger who are entitled to the merger consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration (net of any applicable withholding taxes). Shareholders should wait to receive the letter of transmittal before surrendering their share certificates. As soon as practicable after this announcement, CITIBANK, N.A. (the “ADS Depositary”) will call for the surrender of all ADSs (other than any ADS that represents Excluded Shares) for delivery of the merger consideration. Upon the surrender of ADSs, the ADS Depositary will pay to the surrendering holders US$2.00 per ADS surrendered in cash without interest (less $0.05 per ADS cancellation fees) and net of any applicable withholding taxes.

The Company also announced today that it requested that trading of its ADSs on the NASDAQ Global Select Market (the “NASDAQ”) be suspended as of March 25, 2021. The Company requested that the NASDAQ file a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) notifying the SEC of the delisting of its ADSs on the NASDAQ and the deregistration of the Company’s registered securities. The deregistration will become effective 90 days after the filing of Form 25 or such shorter period as may be determined by the SEC. The Company intends to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended, by promptly filing a Form 15 with the SEC. The Company’s obligation to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration becomes effective.

About Gridsum

Gridsum Holding Inc. (NASDAQ: GSUM) is a leading provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum’s core technology, the Gridsum Big Data Platform and the Gridsum Prophet: Enterprise AI Engine, is built on a distributed computing framework and performs real-time multi-dimensional correlation analysis of both structured and unstructured data. This enables Gridsum’s customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named “Gridsum” to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company’s mission is to help enterprises and government organizations in China use data in new and powerful ways to make better-informed decisions and be more productive.

For more information, please visit http://www.gridsum.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Forward-looking statements involve inherent risks and uncertainties. Many factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the substantial doubt about the Company’s ability to continue as a going concern, duration and impact of the COVID-19 pandemically, and other risks and uncertainties discussed in documents filed with the U.S. Securities and Exchange Commission by the Company. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Gridsum undertakes no duty to update such information except as required under applicable law.

Investor Relations

Gridsum
[email protected]

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
Email: [email protected]

In U.S.
Mr. Tip Fleming
Phone: +1 917 412 3333
Email: [email protected]

View original content:http://www.prnewswire.com/news-releases/gridsum-holding-inc-announces-completion-of-merger-301256344.html

SOURCE Gridsum Holding Inc.

March 25, 2021 4:13 pm

Tekla World Healthcare Fund Announces Renewal of Share Repurchase Program

Tekla World Healthcare Fund Announces Renewal of Share Repurchase Program

BOSTON–(BUSINESS WIRE)–
Tekla World Healthcare Fund (the “Fund”) announced today that its Board of Trustees authorized a renewal of its share repurchase program. The current share repurchase program allows the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2021. The renewal will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2022. The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.

The amount and timing of repurchases will be at the discretion of Tekla Capital Management LLC, the investment adviser to the Fund. There is no assurance that the Fund will purchase shares at any specific discount levels or in any specific amounts or on any specific date. The Fund’s repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the market price of the Fund’s shares, either absolute or relative to net asset value, will increase as a result of any share repurchases. The Board will monitor the effect of the share repurchase program on the Fund’s market prices and net asset value per share, expense ratio and investment strategy over time.

Tekla World Healthcare Fund (NYSE: THW) is a closed-end fund that invests in companies in the healthcare industry. Tekla Capital Management LLC, based in Boston, serves as investment adviser to the Fund. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.

For additional information, please consult www.teklacap.com or call (877) 855-3434.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005922/en/

Destra Capital Advisors LLC

(877) 855-3434

www.teklacap.com

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

March 25, 2021 4:13 pm

CymaBay Reports Fourth Quarter and Year End 2020 Financial Results and Provides Corporate Update

Actively recruiting patients in two global, clinical studies evaluating seladelpar in primary biliary cholangitis (PBC):

RESPONSE, a 52-week, randomized, placebo-controlled, Phase 3 registrational study
ASSURE, an open-label, long-term study

Two pipeline programs also in clinical development in 2021:

Phase 2a study of MBX-2982, a GPR119 agonist, for the prevention of hypoglycemia in patients with type 1 diabetes
Phase 1 single and multiple ascending dose study of CB-0406, a non-agonist ligand of PPAR
γ

Conference call and webcast today at 4:30 p.m. ET

NEWARK, Calif., March 25, 2021 (GLOBE NEWSWIRE) — CymaBay Therapeutics, Inc. (NASDAQ: CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet need, today announced corporate updates and financial results for the fourth quarter and fiscal year ended December 31, 2020.

In the fourth quarter of 2020 and through early March 2021, CymaBay made significant progress reinitiating the development program for seladelpar in primary biliary cholangitis (PBC). With multiple clinical sites activated, patient recruitment is underway in RESPONSE, a global Phase 3 registrational study evaluating seladelpar in patients with PBC. In addition, we have also initiated ASSURE, an open-label, long-term study of seladelpar in patients with PBC intended to collect additional safety data to support registration.

Sujal Shah, President and CEO of CymaBay, stated, “One year ago today, our work towards finding novel treatments for patients with chronic, inflammatory and metabolic diseases was on hold as we completed the important work of ensuring patient safety before moving forward. Today we have four active clinical studies ongoing across three programs. We continue to make great progress towards restarting our seladelpar development program with RESPONSE as we execute on a focused strategy to complete late-stage development of seladelpar for patients with PBC. Results from our previous Phase 3 study in PBC, ENHANCE, presented at The Liver Meeting^® 2020, highlighted the anti-cholestatic, anti-inflammatory and anti-pruritic effects of seladelpar in patients with PBC that we believe support the potential for seladelpar to address key unmet needs for patients suffering from this disease. In addition to our core focus in PBC, we continue to evaluate seladelpar for other indications and are excited about our early-stage pipeline maturing in the coming months.”

Recent Corporate Highlights

Initiated RESPONSE, a 52-week, placebo-controlled, randomized, global, Phase 3 registrational study evaluating the safety and efficacy of seladelpar in patients with PBC. This study will target enrolling 180 patients, who have an inadequate response to, or intolerance to, ursodeoxycholic acid, in a 2:1 randomization to oral, once daily seladelpar 10 mg or placebo. The primary outcome measure is the responder rate at 52 weeks. A responder is defined as a patient who achieves an alkaline phosphatase level < 1.67 times the upper limit of normal with at least a 15% decrease from baseline and has a normal level of total bilirubin. Additional key outcomes of efficacy will compare the rate of normalization of alkaline phosphatase at 52 weeks and the level of pruritus at 6-months for patients with moderate to severe pruritus at baseline assessed by a numerical rating scale recorded with an electronic diary.
Initiated ASSURE, an open-label, long-term study of seladelpar in patients with PBC intended to collect additional long-term safety data to support registration. The first subjects will consist of patients who have participated in CymaBay’s prior studies of seladelpar in PBC, including the patients who completed the open-label Phase 2 study and enrolled into the previous long-term study and ENHANCE. Patients who complete RESPONSE, and potentially other future PBC studies with seladelpar, will also have the opportunity to enroll in ASSURE.
Presented results from two separate studies of seladelpar in patients with PBC and NASH at The Liver Meeting^® 2020 as follows:
- Oral, late-breaking presentation by Professor Gideon Hirschfield, MD, on November 16 highlighting results from ENHANCE, a Phase 3 study of seladelpar in patients with PBC
- “Poster of Distinction” presentation by Dr. Stephen Harrison, MD, featuring results from a Phase 2 paired-liver biopsy study of seladelpar in patients with NASH
In November 2020, we announced a Phase 2a proof-of-pharmacology study to evaluate the potential for MBX-2982, a GPR119 agonist, to prevent hypoglycemia in patients with type 1 diabetes (T1D). The study is being conducted by the AdventHealth Translational Research Institute (TRI) in Orlando, Florida and fully funded by The Leona M. and Harry B. Helmsley Charitable Trust with CymaBay retaining full rights to MBX-2982. TRI commenced startup activities in early 2021 and topline results are currently anticipated in late 2021.
Initiated a single and multiple ascending dose study of CB-0406 in healthy subjects to establish its pharmacokinetics, safety and maximum tolerated dose. CB-0406 is a non-agonist ligand of PPARγ that attenuates the expression of inflammatory genes.
Held $146.3 million in cash, cash equivalents and short-term investments on December 31, 2020. We believe that cash and investments are sufficient to fund CymaBay’s current operating plan into mid-2022.
Due to the ongoing effects of the global coronavirus pandemic, CymaBay continues to conduct its operations remotely for all employees, which has allowed business activities to continue as seamlessly as possible. CymaBay continues to closely monitor pandemic developments and their associated risks to the business, including the restarting of its clinical development of seladelpar, and will continue to take actions available to mitigate them where possible. Further, all CymaBay’s actions will continue to be guided by a commitment to ensuring the health and safety of its employees as well as patients enrolled in its clinical studies.

Fourth Quarter and Year Ended December 31, 2020 Financial Results

Research and development expenses for the three and twelve months ended December 31, 2020 were $10.7 million and $35.9 million, respectively. This compared to R&D expenses of $20.9 million and $83.8 million for the three and twelve months ended December 31, 2019, respectively. Research and development expenses in the three and twelve months ended December 31, 2020 were lower than the corresponding periods in 2019 primarily due to a decline in clinical trial activities related to the termination of our Phase 3 PBC, Phase 2b NASH, and Phase 2 PSC clinical trials, and other studies, after the seladelpar development program was placed on hold from November 2019 through July 2020. Clinical development of seladelpar in PBC was resumed in late 2020, and these clinical expense reductions were offset in part by increases in clinical trial costs associated with the commencement of RESPONSE and ASSURE, our two new global late-stage clinical trials in PBC.
General and administrative expenses for the three and twelve months ended December 31, 2020 were $5.2 million and $17.4 million, respectively. This compared to $4.5 million and $19.2 million for the three and twelve months ended December 31, 2019, respectively. General and administrative expenses in the year 2020 were lower than in 2019 due to lower employee compensation costs following the completion of a reduction-in-force plan in late 2019. General and administrative expenses in the three months ended December 31, 2020 were higher than the corresponding period in 2019 due to higher employee compensation associated with the hiring of additional personnel upon resumption of development of seladelpar in the second half of 2020.
Net loss for the three and twelve months ended December 31, 2020 was $15.8 million, or ($0.23) per diluted share, and $51.0 million, or ($0.74) per diluted share, respectively. This compared to net loss of $29.4 million, or ($0.43) per diluted share, and $102.8 million, or ($1.53) per diluted share, in the three and twelve months ended December 31, 2019, respectively. Net loss was lower largely due to decreases in clinical operating expenses which resulted from the temporary clinical hold placed on the seladelpar development program. With development of seladelpar restarted during the second half of 2020, we expect our operating expenses to increase in 2021 as we continue to execute on our clinical development plans.

Conference Call Details

CymaBay will host a conference call today at 4:30 p.m. ET to discuss fourth quarter and fiscal year end 2020 financial results and provide a business update. To access the live conference call, please dial 877-407-0784 from the U.S. and Canada, or 201-689-8560 internationally, Conference ID# 13715944. To access the live and subsequently archived webcast of the conference call, go to the Investors section of the company’s website at http://ir.cymabay.com/events.

About CymaBay

CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet medical need. CymaBay is developing seladelpar, a potent, selective, orally active PPARδ agonist for patients with primary biliary cholangitis (PBC). Seladelpar has received an orphan designation from the US Food and Drug administration (FDA) and the European Medicine Agency (EMA). Seladelpar also received Breakthrough Therapy Designation from the FDA for early stage PBC and PRIority MEdicines (PRIME) status from the EMA. CymaBay is currently commencing a global, Phase 3 registration study of seladelpar for PBC. This study is a 52-week, placebo-controlled, randomized, Phase 3 study to evaluate the safety and efficacy of seladelpar (RESPONSE) in patients with PBC. For more information about RESPONSE, please visit: www.pbcstudies.com.

Cautionary Statements

Any statements made in this press release and accompanying conference call regarding the potential for seladelpar to treat PBC and potentially improve clinical symptoms of the disease, the potential benefits to patients, CymaBay’s expectations and plans regarding its current and future clinical trials, CymaBay’s ability to fund current and planned clinical trials and CymaBay’s anticipated cash runway are forward looking statements that are subject to risks and uncertainties. Actual results and the timing of events regarding the further development of seladelpar could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties, which include, without limitation, risks related to: the success, cost and timing of any of CymaBay’s product development activities, including clinical trials; effects observed in trials to date that may not be repeated in the future; any delays or inability to obtain or maintain regulatory approval of CymaBay’s product candidates in the United States or worldwide; and the ability of CymaBay to obtain sufficient financing to complete development, regulatory approval and commercialization of its product candidates in the United States and worldwide. Additional risks relating to CymaBay are contained in CymaBay’s filings with the Securities and Exchange Commission, including without limitation its most recent Annual Report on Form 10-K and other documents subsequently filed with or furnished to the Securities and Exchange Commission. CymaBay disclaims any obligation to update these forward-looking statements except as required by law.

For additional information about CymaBay visit www.cymabay.com.

Public Relations Contact
:

Glenn Silver
Lazar-FINN Partners
(973) 818-8198
[email protected]

Investor Relations Contact:

Hans Vitzthum
LifeSci Advisors, LLC
(617) 430-7578
[email protected]


CymaBay Therapeutics, Inc.
Financial Results
(In thousands, except share and per share information)

	Quarter Ended						Year Ended
	December 31,						December 31,
	2020			2019			2020			2019
	(unaudited)			(unaudited)

Operating expenses:
Research and development	$	10,688		$	20,937		$	35,882		$	83,837
General and administrative		5,186			4,532			17,425			19,238
Restructuring (benefit) charges		(1	)		5,075			(705	)		5,075
Total operating expenses		15,873			30,544			52,602			108,150

Loss from operations		(15,873	)		(30,544	)		(52,602	)		(108,150	)
Other income:
Interest income		122			1,131			1,616			5,342
Total other income		122			1,131			1,616			5,342
Net loss	$	(15,751	)	$	(29,413	)	$	(50,986	)	$	(102,808	)

Basic and diluted net loss per common share	$	(0.23	)	$	(0.43	)	$	(0.74	)	$	(1.53	)

Weighted average common shares
outstanding used to calculate
basic and diluted net loss per common share		68,917,646			68,749,075			68,893,127			67,033,046


CymaBay Therapeutics, Inc.
Balance Sheet Data
(in thousands)

				December 31,			December 31,
				2020			2019


Cash, cash equivalents and marketable securities				$	146,323		$	190,945
Working capital					141,728			185,287
Total assets					153,825			205,727
Total liabilities					11,119			19,379
Common stock and additional paid-in capital					819,556			812,140
Total stockholders’ equity					142,706			186,348

March 25, 2021 4:13 pm

Tekla Healthcare Opportunities Fund Announces Renewal of Share Repurchase Program

Tekla Healthcare Opportunities Fund Announces Renewal of Share Repurchase Program

BOSTON–(BUSINESS WIRE)–
Tekla Healthcare Opportunities Fund (the “Fund”) announced today that its Board of Trustees authorized a renewal of its share repurchase program. The current share repurchase program allows the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2021. The renewal will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one year-period ending July 14, 2022. The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.

Tekla Healthcare Opportunities Fund (NYSE: THQ) is a closed-end fund that invests in companies in the healthcare industry. Tekla Capital Management LLC, based in Boston, serves as investment adviser to the Fund. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.

For additional information, please consult www.teklacap.com or call (877) 855-3434.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005921/en/

Destra Capital Advisors LLC

(877) 855-3434

www.teklacap.com

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

March 25, 2021 4:13 pm

Tekla Healthcare Investors Announce Renewal of Share Repurchase Program

Tekla Healthcare Investors Announce Renewal of Share Repurchase Program

BOSTON–(BUSINESS WIRE)–
Tekla Healthcare Investors (the “Fund”) announced today that its Board of Trustees authorized a renewal of its share repurchase program. The current share repurchase program allows the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2021. The renewal will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2022. The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.

Tekla Healthcare Investors (NYSE: HQH) is a closed-end fund that invests in companies in the healthcare industry. Tekla Capital Management LLC, based in Boston, serves as investment adviser to the Fund. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.

For additional information, please consult www.teklacap.com or call (877) 855-3434.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005920/en/

Destra Capital Advisors LLC

(877) 855-3434

www.teklacap.com

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

March 25, 2021 4:13 pm

Tekla Life Sciences Investors Announce Renewal of Share Repurchase Program

Tekla Life Sciences Investors Announce Renewal of Share Repurchase Program

BOSTON–(BUSINESS WIRE)–
Tekla Life Sciences Investors (the “Fund”) announced today that its Board of Trustees authorized a renewal of its share repurchase program. The current share repurchase program allows the Fund to purchase in the open market up to 12% of its outstanding common shares for a one-year period ending July 14, 2021. The renewal will allow the Fund to purchase in the open market up to 12% of its outstanding common shares for a one year-period ending July 14, 2022. The Board authorized the share repurchase program as a result of its periodic review of the options available to enhance shareholder value and potentially reduce the discount between the market price of the Fund’s shares and the net asset value per share. The share repurchase program is intended to increase the Fund’s net asset value per share and could also have the benefit of providing additional liquidity in the trading of shares.

Tekla Life Sciences Investors (NYSE: HQL) is a closed-end fund that invests in companies in the life sciences industry. Tekla Capital Management LLC, based in Boston, serves as investment adviser to the Fund. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.

For additional information, please consult www.teklacap.com or call (877) 855-3434.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005919/en/

Destra Capital Advisors LLC

(877) 855-3434

www.teklacap.com

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

March 25, 2021 4:13 pm

Paysign, Inc. Reports Fourth-Quarter and Full-Year 2020 Financial Results

Paysign, Inc. Reports Fourth-Quarter and Full-Year 2020 Financial Results

Fourth-quarter adjusted EBITDA of $0.8 million, or diluted adjusted EBITDA per share of $0.01
Fourth-quarter net loss of $4.3 million, or diluted earnings per share (EPS) of ($0.09), which includes a $4.0 million tax provision for recording a valuation on our deferred tax asset which remains available for future benefit
Fourth-quarter total revenues of $7.3 million, a decrease of $2.5 million from fourth-quarter 2019
Fourth-quarter gross dollar load volume declined 2.2% versus the year-ago period and increased 15.9% versus the previous quarter
Fourth-quarter purchase volume decreased 12.0% versus the year-ago period and increased 14.4% versus the previous quarter

HENDERSON, Nev.–(BUSINESS WIRE)–
Paysign, Inc. (NASDAQ: PAYS), a leading provider of prepaid card programs, digital banking services, and payment processing, today reported financial results for the fourth-quarter and fiscal year 2020.

“2020 was a difficult year for our business due to the COVID-19 pandemic, as it negatively impacted our clients in the pharma and plasma industries. The month of May marked the low point for our plasma business and we have continued to see improvements throughout the year as states loosen restrictions on businesses. While COVID-19 and government stimulus measures will likely continue to impact our business into 2021, we remain cautiously optimistic that our business will continue to rebound as vaccinations become more prevalent and business restrictions are lifted,” said Paysign CEO Mark Newcomer. “During the year we added 55 new plasma programs and experienced a net growth in card programs of 61. With $7.8 million of unrestricted cash and zero debt on our balance sheet, the company remains well-capitalized and positioned to weather any further impacts from the pandemic.”

PAYSIGN, INC.
SUMMARY OF CONSOLIDATED FINANCIAL RESULTS

		Quarter Ended December 31,				Year Ended December 31,
		(Unaudited)				(Audited)
		2020		2019		2020		2019
Revenues
	Plasma industry	$ 6,298,653		$ 7,630,631		$ 23,401,068		$ 26,994,929
	Pharma industry	921,644		1,835,610		326,699		7,372,990
	Other	33,140		298,734		392,667		298,734
	Total revenues	7,253,437		9,764,975		24,120,434		34,666,653
Cost of revenues		3,541,270		4,703,409		14,817,028		15,425,178
Gross profit		3,712,167		5,061,566		9,303,406		19,241,475
	Gross margin %	51.2	%	51.8	%	38.6	%	55.5	%

Operating expenses
	Selling, general and administrative	3,792,396		3,172,799		15,091,432		11,656,681
	Impairment of intangible asset	–		–		382,414		–
	Loss on abandonment of assets	–		–		42,898		–
	Depreciation and amortization	578,117		435,361		2,124,762		1,483,140
	Total operating expenses	4,370,513		3,608,160		17,641,506		13,139,821
Income (loss) from operations		$ (658,346	)	$ 1,453,406		$ (8,338,100	)	$ 6,101,654

Net income (loss) attributable to Paysign, Inc.		$ (4,311,158	)	$ 1,883,779		$ (9,141,562	)	$ 7,454,319

The following additional details are provided to aid in understanding Paysign’s fourth-quarter 2020 results, versus the year-ago period:

Revenues decreased $2.5 million (25.7%).
- Plasma revenue decreased $1.3 million (17.5%), primarily due to the impact of COVID-19 which resulted in a decrease in plasma donations and dollars loaded to card. Average revenue per center declined 25.7%. We added 36 new plasma centers during the quarter, exiting the year with 340 centers. This compares to 285 centers at the end of 2019.
- Pharma revenue decreased $0.9 million (49.8%), primarily driven by the change in accounting estimate that occurred in the third quarter which impacted the recognition of settlement income during the fourth quarter compared to the same period in 2019.
Cost of revenues decreased $1.2 million (24.7%). Cost of revenues are comprised of transaction processing fees, data connectivity and data center expenses, network fees, bank fees, card production costs, customer service, program management, application integration setup and sales and commission expense. The decrease was primarily due to the decrease in transaction volumes.
Gross profit decreased $1.3 million (26.7%) due to the reduction in revenues, and the disproportionate decrease in cost of revenues. Gross margin was 51.2% compared to 51.8% in the same period the prior year.
Operating expenses increased $0.8 million (21.1%) from the fourth-quarter 2019 but decreased $0.6 million (12.4%) compared to the third-quarter 2020. The year-over-year increase was primarily related to an increase in staffing and compensation, professional services, stock-based compensation, technologies and telecom, depreciation, amortization and rent costs, slightly offset by a decrease in travel.
Net income decreased $6.2 million to a loss of $4.3 million. The overall change in net income attributable to Paysign, Inc. relates to a $4.0 million tax provision for recording a valuation on our deferred tax asset and the aforementioned factors.
Adjusted EBITDA, which is operating income plus depreciation, amortization, stock-based compensation, impairment of an intangible asset and loss on the abandonment of assets, and is a non-GAAP metric used by management to gauge the operating performance of the business, decreased $1.8 million to $0.8 million due to the aforementioned factors.

2020 Year Milestones

As of December 31, 2020, we had approximately 3.5 million cardholders and 360 card programs.
We added 55 plasma programs, five new pharma programs, and one additional corporate incentive program.
We remediated all material weaknesses in internal control over financial reporting disclosed in our 2019 Form 10-K.

COVID-19 Update

The outbreak of a novel coronavirus and the incidence of the related disease (COVID-19) starting in late 2019 has continued, spreading throughout the United States and much of the world beginning in the first quarter of 2020. In March 2020, the World Health Organization declared the outbreak a pandemic. While the disruption is currently expected to be temporary, there is uncertainty about the duration. The COVID-19 outbreak and government stimulus measures to help individuals and business most impacted by COVID-19, has had and will continue to have an adverse effect on the company’s results of operations into 2021. While we remain cautiously optimistic, given the uncertainty around the extent and timing of the potential future spread or mitigation of COVID-19 and around the imposition or relaxation of protective measures, management cannot reasonably estimate the impact on the company’s future results of operations, cash flows, or financial condition.

Material Weakness Remediation

We implemented our remediation plan for the previously reported material weaknesses in internal control over financial reporting, described in Part II, Item 9A, of our 2019 Form 10-K, which included taking steps to improve the design and methods for testing internal controls, adding resources to carry out such practices, and instituting new procedures for managing system user access and change control. As previously described in Part I, Item 4, of our Forms 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020, our remediation was ongoing throughout 2020.

The following actions contributed to the remediation efforts:

Strengthened the technology department, including hiring a new chief technology officer and creating and filling a new information security manager position.
Secured technical training on COSO’s Internal Control – Integrated Framework, cybersecurity and regulatory compliance.
Engaged a SOX advisory accounting firm to aid in refining our narratives and independently test the design and operating effectiveness of our internal control over financial reporting.
Substantially refined process narratives and created risk-control matrices as a basis for the design of our internal control over financial reporting, including IT general controls.
Defined and implemented multiple user roles to enhance access controls to our core processing platform.
Refined the change-control process for system changes, including forming an IT change review board and implementing software monitoring of production system changes.

As of December 31, 2020, management concluded that the remediated controls were operating effectively and the deficiencies that contributed to the material weaknesses had been effectively corrected.

Other than the changes related to our remediation efforts described above, we made no changes in our internal control over financial reporting during the quarter ended December 31, 2020, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Fourth-Quarter and Year-end 2020 Financial Results Conference Call Details

At 5:00 p.m. Eastern time today, the company will host a conference call to discuss its fourth-quarter and year-end 2020 results. The conference call may include forward-looking statements. The dial-in information for this call is 877.407.2988 (within the U.S.) and 201.389.0923 (outside the U.S.). A replay of the call will be available until June 25, 2021, and can be accessed by dialing 877.660.6853 (within the U.S.) and 201.612.7415 (outside the U.S.), using passcode 13716772.

Forward-Looking Statements

Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and the company intends that such forward-looking statements be subject to the safe-harbor created thereby. All statements, other than statements of fact, included in this release, are forward-looking statements. Such forward-looking statements include, among others, that the pandemic continues to have a meaningful impact on the company’s business and operations; the company’s optimistic outlook in the recovery of the pharma and plasma industries; the company’s ability to return to year-over-year growth; the company remains well-capitalized and positioned to weather impacts from the pandemic; and that the company expects an upturn in the second half of 2021 resulting from vaccinations becoming more prevalent and business restrictions being lifted. We caution that these statements are qualified by important risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the inability to continue our current growth rate in future periods; that a downturn in the economy, including as a result of COVID-19, as well as government stimulus measures, could reduce our customer base and demand for our products and services, which could have an adverse effect on our business, financial condition, profitability, and cash flows; operating in a highly regulated environment; failure by us or business partners to comply with applicable laws and regulations; changes in the laws, regulations, credit card association rules or other industry standards affecting our business; that a data security breach could expose us to liability and protracted and costly litigation; and other risk factors set forth in our Form 10-K for the year ended December 31, 2020. Except to the extent required by federal securities laws, the company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.

About Paysign, Inc.

Paysign, Inc., (NASDAQ: PAYS), is a vertically integrated provider of prepaid card products and processing services for corporate, consumer, and government applications. Our payment solutions are utilized by our corporate customers as a means to increase customer loyalty, increase patient adherence rates, reduce administration costs, and streamline operations. Public sector organizations can utilize our payment solutions to disburse public benefits or for internal payments. We market our prepaid card solutions under our Paysign brand. As we are a payment processor and prepaid card program manager, we derive our revenues from all stages of the prepaid card lifecycle. We provide a card processing platform consisting of proprietary systems and software applications based on the unique needs of our clients. We have extended our processing business capabilities through our proprietary Paysign platform. Through the Paysign platform, we provide a variety of services including transaction processing, cardholder enrollment, value loading, cardholder account management, reporting, and customer service. The Paysign platform is built on modern cross-platform architecture and is designed to be highly flexible, scalable and customizable. The platform has allowed the company to significantly expand its operational capabilities by facilitating our entry into new markets within the payments space through its flexibility and ease of customization. The Paysign platform delivers cost benefits and revenue-building opportunities to our partners. We have developed prepaid card programs for corporate incentives and rewards including, but not limited to, consumer rebates and rewards, donor compensation, clinical trials, healthcare reimbursement payments, and pharmaceutical payment assistance. We have expanded our product offerings to include additional corporate incentive products and demand deposit accounts accessible with a debit card. In the future, we expect to further expand our product offerings into other prepaid card offerings such as payroll cards, travel cards, and expense reimbursement cards. Our cards are sponsored by our issuing bank partners. For over 15 years healthcare companies, major pharmaceutical companies, multinationals, prestigious universities, and social media companies have relied on Paysign to provide state-of-the-art prepaid payment programs tailored to their unique requirements. Paysign^® is a registered trademark of Paysign, Inc. in the United States and other countries. For more information visit us at paysign.com or follow us on LinkedIn, Twitter, and Facebook.

PAYSIGN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		Quarter Ended December 31,				Year Ended December 31,
		(Unaudited)				(Audited)
		2020		2019		2020		2019

Revenues
	Plasma industry	$ 6,298,653		$ 7,630,631		$ 23,401,068		$ 26,994,929
	Pharma industry	921,644		1,835,610		326,699		7,372,990
	Other	33,140		298,734		392,667		298,734
	Total revenues	7,253,437		9,764,975		24,120,434		34,666,653

Cost of revenues		3,541,270		4,703,409		14,817,028		15,425,178

Gross profit		3,712,167		5,061,566		9,303,406		19,241,475

Operating expenses
	Selling, general and administrative	3,792,396		3,172,799		15,091,432		11,656,681
	Impairment of intangible asset	–		–		382,414		–
	Loss on abandonment of assets	–		–		42,898		–
	Depreciation and amortization	578,117		435,361		2,124,762		1,483,140
	Total operating expenses	4,370,513		3,608,160		17,641,506		13,139,821

Income (loss) from operations		(658,346	)	1,453,406		(8,338,100	)	6,101,654

Other income
	Interest income	13,245		76,464		90,720		441,116

Income (loss) before income tax provision (benefit)		(645,101	)	1,529,870		(8,247,380	)	6,542,770

Income tax provision (benefit)		3,666,057		(353,908	)	894,182		(909,976	)

Net income (loss) before noncontrolling interest		(4,311,158	)	1,883,778		(9,141,562	)	7,452,746

Net loss attributable to noncontrolling interest		–		1		–		1,573

Net income (loss) attributable to Paysign, Inc.		$ (4,311,158	)	$ 1,883,779		$ (9,141,562	)	$ 7,454,319

Net income (loss) per share
	Basic	$ (0.09	)	$ 0.04		$ (0.19	)	$ 0.16
	Diluted	$ (0.09	)	$ 0.03		$ (0.19	)	$ 0.14

Weighted average common shares
	Basic	49,918,782		48,092,931		49,272,494		47,436,754
	Diluted	49,918,782		54,437,309		49,272,494		54,550,369

PAYSIGN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Audited)

		December 31,		December 31,
		2020		2019
ASSETS

Current assets
	Cash	$ 7,829,453		$ 9,663,746
	Restricted cash	48,100,951		35,908,559
	Accounts receivable	654,859		891,936
	Prepaid expenses and other current assets	1,375,364		1,413,208
	Total current assets	57,960,627		47,877,449

Fixed assets, net		1,849,164		937,185
Intangible assets, net		3,699,033		3,816,232
Operating lease right-of-use asset		4,324,682		–
Deferred tax asset		–		917,480

Total assets		$ 67,833,506		$ 53,548,346

LIABILITIES AND EQUITY

Current liabilities
	Accounts payable and accrued liabilities	$ 2,162,256		$ 1,523,604
	Operating lease, current portion	320,636		–
	Customer card funding	48,100,951		32,723,227
	Total current liabilities	50,583,843		34,246,831

Operating lease liability, long term portion		4,013,598		–


Total liabilities		54,597,441		34,246,831

Stockholders’ equity
	Common stock: $0.001 par value; 150,000,000 shares authorized,
	50,251,607 and 48,577,712 issued at December 31, 2020 and 2019,
	respectively	50,252		48,578
	Additional paid-in-capital	14,388,890		11,577,539
	Treasury stock at cost, 303,450 shares	(150,000	)	(150,000	)
	Retained earnings	(1,053,077	)	8,088,485
	Total Paysign, Inc. stockholders’ equity	13,236,065		19,564,602
	Noncontrolling interest	–		(263,087	)
	Total equity	13,236,065		19,301,515

Total liabilities and equity		$ 67,833,506		$ 53,548,346

Paysign, Inc. Non-GAAP Measures

To supplement Paysign’s financial results presented on a GAAP basis, we use non-GAAP measures that exclude from net income the following cash and non-cash items: interest, taxes, amortization and depreciation, stock-based compensation, impairment of intangible asset, and loss on the abandonment of assets. We believe these non-GAAP measures used by management to gauge the operating performance of the business help investors better evaluate our past financial performance and potential future results. Non-GAAP measures should not be considered in isolation or as a substitute for comparable GAAP accounting, and investors should read them in conjunction with the company’s financial statements prepared in accordance with GAAP. The non-GAAP measures we use may be different from, and not directly comparable to, similarly titled measures used by other companies.

“EBITDA” is defined as earnings before interest, taxes, depreciation, and amortization expense. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude stock-based compensation charges, impairment of an intangible asset and loss on the abandonment of assets.

Adjusted EBITDA is not intended to represent cash flows from operations, operating income (loss), or net income (loss) as defined by U.S. GAAP as indicators of operating performances. Management cautions that amounts presented in accordance with Paysign’s definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other companies because not all companies calculate Adjusted EBITDA in the same manner.

PAYSIGN, INC.
RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (LOSS)

		Quarter Ended December 31,				Year Ended December 31,
		(Unaudited)				(Audited)
		2020		2019		2020		2019
Net income (loss) attributable to Paysign, Inc.		$ (4,311,158	)	$ 1,883,779		$ (9,141,562	)	$ 7,454,319
	Income tax benefit	3,666,057		(353,908	)	894,182		(909,976	)
	Interest income	(13,245	)	(76,464	)	(90,720	)	(441,116	)
	Depreciation and amortization	578,117		435,361		2,124,762		1,483,140
EBITDA		(80,229	)	1,888,768		(6,213,338	)	7,586,367
	Impairment of intangible asset	–		–		382,414		–
	Loss on abandonment of assets	–		–		42,898		–
	Stock-based compensation	847,970		662,726		2,971,777		2,528,613
Adjusted EBITDA		$ 767,741		$ 2,551,494		$ (2,816,249	)	$ 10,114,980

Non-GAAP EPS – basic		$ 0.02		$ 0.05		$ (0.06	)	$ 0.21
Non-GAAP EPS – diluted		$ 0.01		$ 0.05		$ (0.06	)	$ 0.19

Weighted average common shares
	Basic	49,918,782		48,092,931		49,272,494		47,436,754
	Diluted	53,671,904		54,437,309		49,272,494		54,550,369

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005898/en/

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Media Relations

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MEDIA:

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March 25, 2021 4:13 pm

Panbela Provides Business Update and Reports Q4 and FY 2020 Financial Results

MINNEAPOLIS, March 25, 2021 (GLOBE NEWSWIRE) — Panbela Therapeutics, Inc. (Nasdaq: PBLA), a clinical stage biopharmaceutical company developing disruptive therapeutics for the treatment of patients with cancer, today provides a business update and reports financial results for the quarter and full year ended December 31, 2020. Management is hosting an earnings call today at 4:30 p.m. ET.

The fourth quarter and full year 2020 was marked by meaningful corporate, financial and clinical progress.

2020 and Recent Highlights

Appointed Garry A. Weems, PharmD as its VP of Clinical Development and Medical Affairs
Entered into a research agreement with the Johns Hopkins University School of Medicine
Completing SBP-101’s enrollment in its Phase 1b trial
Uplisted to Nasdaq Capital Market
Closed $10.5 Million Public Offering
New CEO appointed on July 15, 2020
Fast Track designation received for SBP-101

“2020 was a year of significant accomplishments for SBP-101 and Panbela as a public company. In 2021 we are focused on continued execution of our pancreatic cancer program and expanding our addressable market opportunity outside of pancreatic cancer,” said Jennifer K. Simpson, PhD, MSN, CRNP President & Chief Executive Officer of Panbela Therapeutics. “Last year’s achievements included securing fast track designation for SB1-101 in 1L metastatic pancreatic cancer, completing Phase 1b trial enrollment, strengthening our leadership team, firming up our balance sheet and uplisting to Nasdaq.”

Dr. Simpson continued, “This year we are focused on leveraging 2020’s successes to execute on upcoming SBP-101 milestones in pancreatic cancer. We are also committed to expanding our total addressable market beyond pancreatic cancer. In support of that goal, we have appointed Garry A. Weems, PharmD as VP of Clinical Development and Medical Affairs, and entered into a research agreement with the Johns Hopkins University School of Medicine. We look forward to ongoing preclinical work yielding data in the second half of the year to inform future development pathways across tumors outside of pancreatic cancer as well as the potential combination with checkpoint inhibitors.”

Based on interim data from our Phase I trial, SBP-101 demonstrated a 62% objective response rate in combination with gemcitabine & abraxane (G&A); more than double the historical standard of care for metastatic pancreatic cancer with G&A.

We believe SBP-101 has the potential to expand into other cancers with known elevated levels of polyamine metabolism.

Upcoming Milestones

Public release of data from phase 1 trial (targeting 1H’21)
Conference presentations (targeting 1H’21 or 2H’21)
Initiation of randomized phase 2 study (targeting mid-Year 21)
Public release of preclinical data across tumors outside of pancreatic cancer (targeting 2H’21)

Fourth Quarter ended December 31, 2020 Financial Results

General and administrative expenses were $0.9 million in the fourth quarter of 2020, compared to $0.5 million in the fourth quarter of 2019. The change in the third quarter is due primarily to increased headcount, and increased costs associated with our Nasdaq listing.

Research and development expenses were $0.7 million in the fourth quarter of 2020, down from $0.8 million in the fourth quarter of 2019. The change in the fourth quarter is due the lower manufacturing costs of our active ingredient offset in part by higher clinical trial costs and salaries.

Net loss in the fourth quarter of 2020 was $0.9 million, or $0.90 per diluted share, compared to a net loss of $1.0 million, or $0.15 per diluted share, in the fourth quarter of 2019.

Total cash was $9.0 million as of December 31, 2020. Total current assets were $9.8 million and current liabilities were $1.4 million as of the same date. The company had no debt as of December 31, 2020.

Conference Call Information

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.

Date: March 25, 2021
Time: 4:30 PM Eastern Time
Toll Free: 877-407-9205
International: 201-689-8054

Replay

Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 40332

The call will also be available over the Internet and accessible at: http://isdr.iqconferencecall.com/

About SBP-101

SBP-101 is a proprietary polyamine analogue designed to induce polyamine metabolic inhibition (PMI) by exploiting an observed high affinity of the compound for pancreatic ductal adenocarcinoma and other tumors. The molecule has shown signals of tumor growth inhibition in clinical studies of US and Australian metastatic pancreatic cancer patients, suggesting potential complementary activity with an existing FDA-approved standard chemotherapy regimen. In data evaluated from clinical studies to date, SBP-101 has not shown exacerbation of bone marrow suppression and peripheral neuropathy, which can be chemotherapy-related adverse events. Recently observed serious visual adverse evets are being evaluated and the FDA has issued a partial clinical hold for the impacted study, pending Panbela’s evaluation and response. The safety data and PMI profile observed in the current Panbela sponsored clinical trial generally provides potential support for continued evaluation of the compound in a randomized clinical trial, subject to Panbela’s submission of a complete response and the FDA’s removal of the partial clinical hold. For more information, please visit https://clinicaltrials.gov/ct2/show/NCT03412799.

About Panbela

Panbela Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing disruptive therapeutics for patients with urgent unmet medical needs. The company’s initial product candidate, SBP-101, is for the treatment of patients with metastatic pancreatic ductal adenocarcinoma, the most common type of pancreatic cancer. Panbela Therapeutics, Inc. is dedicated to treating patients with pancreatic cancer and exploring SBP-101’s potential for efficacy in combination with other agents and in treating other types of cancer. Further information can be found at www.panbela.com. Panbela Therapeutics, Inc. common stock is listed on The Nasdaq Stock Market LLC under the symbol PBLA.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements,” including within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “assume,” “believes,” “expect,” “intend,” “may,” and “plan.” Examples of forward-looking statements include, among others, statements we make regarding the focus and outcomes of the collaboration. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially and adversely from the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) our ability to obtain additional funding to complete a randomized clinical trial; (ii) progress and success of our Phase 1 clinical trial; (iii) the impact of the current COVID-19 pandemic on our ability to complete monitoring and reporting in our current clinical trial; (iv) our ability to demonstrate the safety and effectiveness of our SBP-101 product candidate (v) our ability to obtain regulatory approvals for our SBP-101 product candidate in the United States, the European Union or other international markets; (vi) the market acceptance and level of future sales of our SBP-101 product candidate; (vii) the cost and delays in product development that may result from changes in regulatory oversight applicable to our SBP-101 product candidate; (viii) the rate of progress in establishing reimbursement arrangements with third-party payors; (ix) the effect of competing technological and market developments; (x) the costs involved in filing and prosecuting patent applications and enforcing or defending patent claims; and (xi) such other factors as discussed in Part I, Item 1A under the caption “Risk Factors” in our most recent Annual Report on Form 10-K, any additional risks presented in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. Any forward-looking statement made by us in this press release is based on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement or reasons why actual results would differ from those anticipated in any such forward-looking statement, whether written or oral, whether as a result of new information, future developments or otherwise.

Contact Information:

Investors:
James Carbonara
Hayden IR
(646) 755-7412
[email protected]

Media:
Tammy Groene
Panbela Therapeutics, Inc.
(952) 479-1196
[email protected]

Panbela Therapeutics, Inc

Consolidated Statements of Operations and Comprehensive Loss (unaudited)

(In thousands, except share and per share amounts)

	Three months ended December 31,								Year ended December 31,
		2020			2019		Percent Change			2020			2019		Percent Change
Operating expenses:
General and administrative	$	901		$	468		92.5	%	$	3,249		$	1,973		64.7	%
Research and development		700			787		-11.1	%		2,505			2,349		6.6	%
Operating loss		(1,601	)		(1,255	)	27.6	%		(5,754	)		(4,322	)	33.1	%

Other income (expense):
Interest expense		(5	)		(8	)	-37.5	%		(17	)		(2,194	)	-99.2	%
Gain on debt forgiveness		103								103
Other income (expense)		550			204		169.6	%		605			(99	)	-711.1	%
Total other income (expense)		648			196		230.6	%		691			(2,293	)	-130.1	%

Loss before income tax benefit		(953	)		(1,059	)	-10.0	%		(5,063	)		(6,615	)	-23.5	%

Income tax benefit		73			82		-11.0	%		295			415		-28.9	%

Net loss		(880	)		(977	)	-9.9	%		(4,768	)		(6,200	)	-23.1	%
Foreign currency translation adjustment (loss)		(525	)		(197	)	166.5	%		(689	)		22		-3231.8	%
Comprehensive Loss	$	(1,405	)	$	(1,174	)	19.7	%	$	(5,457	)	$	(6,178	)	-11.7	%

Basic and diluted net loss per share	$	(0.09	)	$	(0.15	)	-40.0	%	$	(0.62	)	$	(1.09	)	-43.1	%
Weighted average shares outstanding – basic and diluted		9,650,742			6,630,584		45.5	%		7,732,882			5,700,314		35.7	%

Panbela Therapeutics, Inc.

Consolidated Balance Sheets (unaudited)

(In thousands, except share amounts)

	December 31, 2020			December 31, 2019
ASSETS
Current assets:
Cash	$	9,022		$	2,449
Prepaid expenses and other current assets		412			283
Income tax receivable		323			361
Total current assets		9,757			3,093
Other noncurrent assets		56			51
Total assets	$	9,813		$	3,144

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	554		$	597
Accrued expenses		811			304
Term debt, current portion		–			116
Unsecured promissory note payable		–			742
Total current liabilities		1,365			1,759
Total liabilities		1,365			1,759

Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 authorized; no shares issued or outstanding as of December 31, 2020 and December 31, 2019		–			–
Common stock, $0.001 par value; 100,000,000 authorized; 9,664,427 and 6,631,308 shares issued and outstanding, as of December 31, 2020 and December 31, 2019, respectively		10			7
Additional paid-in capital		54,848			42,331
Accumulated deficit		(46,026	)		(41,258	)
Accumulated comprehensive (loss) income		(384	)		305
Total stockholders’ equity		8,448			1,385
Total liabilities and stockholders’ equity	$	9,813		$	3,144

Panbela Therapeutics, Inc.

Consolidated Statements of Cash Flows (unaudited)
(In thousands)

	Year Ended December 31,
		2020			2019
Cash flows from operating activities:
Net loss	$	(4,768	)	$	(6,200	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		1,205			1,093
Amortization of debt discount		–			2,066
Amortization of debt issuance costs		–			12
Forgiveness of Paycheck Protection Program loan		(103	)		–
Non-cash interest expense		–			102
Changes in operating assets and liabilities:
Income tax receivable		(2	)		(31	)
Prepaid expenses and other current assets		67			(174	)
Accounts payable		(747	)		301
Accrued liabilities		494			92
Net cash used in operating activities		(3,854	)		(2,739	)
Cash flows from financing activities:
Proceeds from sale of common stock and warrants net of offering costs of $2 and $16, respectively		1,746			3,160
Proceeds from public offering of common stock and warrants net of underwriters discount and offering costs of $1,165		9,335			–
Proceeds from the sale of convertible promissory notes, net of debt issuance costs of $7		–			810
Proceeds from exercise of warrants		120			–
Proceeds from Paycheck Protection Program loan		103			–
Repayments of demand note		(743	)		(25	)
Repayments of term debt		(117	)		(161	)
Net cash provided by financing activities		10,444			3,784
Effect of exchange rate changes on cash		(17	)		(1	)
Net change in cash		6,573			1,044
Cash at beginning of period		2,449			1,405
Cash at end of period	$	9,022		$	2,449
Supplemental disclosure of cash flow information:
Cash paid during period for interest	$	8		$	14
Supplemental disclosure of non-cash transactions:
Warrants issued for future services	$	228		$	–
Warrants issued to underwriter	$	353		$	–
Amortization of warrants as offering costs	$	114		$	–
Beneficial conversion feature on convertible notes	$	–		$	353
Warrants issued with convertible notes	$	–		$	419
Common stock converted into convertible notes payable	$	–		$	(25	)
Warrants issued in exchange for modification of term debt				$	14
Conversion of convertible notes payable and accrued interest into common stock	$	–		$	2,281
Issuance of unsecured promissory note in exchange of vendor accounts payable	$	–		$	742

March 25, 2021 4:13 pm

Alcoa Schedules First Quarter 2021 Earnings Release and Conference Call

Alcoa Schedules First Quarter 2021 Earnings Release and Conference Call

PITTSBURGH–(BUSINESS WIRE)–
Alcoa Corporation plans to announce its first quarter 2021 financial results on Thursday, April 15, 2021, after the close of trading on the New York Stock Exchange.

The press release with financial results, and a related presentation, will be available on the “Investors” section of Alcoa’s website, www.alcoa.com. A link to the press release will also be on Alcoa’s twitter handle @Alcoa at www.twitter.com/Alcoa.

A conference call to discuss the financial results will begin at 5:00 p.m. EDT, and will be webcast live via Alcoa’s website.

Conference Call Information
Time:		Thursday, April 15, 2021: 5:00 p.m.–6:00 p.m. EDT

Hosts:		Roy Harvey, President and Chief Executive Officer
		William Oplinger, Executive Vice President and Chief Financial Officer

Call:		+1 (877) 883-0383 (Domestic)
		+1 (412) 902-6506 (International)
		Conference ID: 0530616
		To avoid a delay in start time, please dial in beginning at 4:45 p.m.

Webcast:
Go to “Investors” section of the Alcoa website to listen only and view slides.

Replay Information
A telephone replay of the call will be available at approximately 8:00 p.m. EDT on April 15 until April 22, 2021. The webcast will be archived and available on the “Investors” section of www.alcoa.com.

		Replay:
		+1 (877) 344-7529 (Domestic)
		+1 (412) 317-0088 (International)
		Replay Access Code: 10152987 or on the Events section of our website.
		To access the replay using an international dial-in number, please select this link:
		https://services.choruscall.com/ccforms/replay.html

About Alcoa Corporation

Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina, and aluminum products, and is built on a foundation of strong values and operating excellence dating back 135 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.

Dissemination of Company Information

Alcoa intends to make future announcements regarding company developments and financial performance through its website, www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210325005884/en/

Investor Contact:

James Dwyer

412-992-5450

[email protected]

Media Contact:

Jim Beck

412-315-2909

[email protected]

KEYWORDS: United States North America Pennsylvania New York

INDUSTRY KEYWORDS: Engineering Mining/Minerals Manufacturing Natural Resources Other Manufacturing Steel

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